20 slides from Agf Management Limited Class B's earnings presentation, Jun 24, 2026
Slide 1: AGF Management Limited Earnings Conference Call Second Quarter 2026
AGF Management Limited Earnings Conference Call Second Quarter 2026
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of June 24, 2026. Certain information presented in these remarks and in this presentation that is not historical factual information may constitute forward-looking information within the meaning of securities
Slide 3: Conference Call Participants
Conference Call Participants Presenting Judy G. Goldring, LL.B, LL.D, ICD.D Chief Executive Officer Ken Tsang, CFA, CPA, MBA Chief Financial Officer Ash Lawrence, MBA Head of AGF Capital Partners Available for questions John Porter, MBA Chief Investment Officer 3
Slide 4: Today's Discussion
Today’s Discussion • Highlights of the 2nd Quarter of Fiscal 2026 • Business Updates • AGF Capital Partners Overview • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q2 2026 Highlights
Q2 2026 Highlights Business momentum accelerating on NHC investment, AUM growth, and profitability Subsequent investment Assets1 of 74% increase in in $74.7 billion New Holland Incl. $11b increase from ETFs and SMA AUM year over year Capital the investment in NHC 8th Consecutive Strong Financial Qua
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 AUM growth reflects strong ETF/SMA expansion, market and incl. NHC’s AUM ($ millions) Q2-FY26 Q2-FY25 Change AGF Investments1 Mutual funds 37,985 30,975 23% ETFs and SMA 4,823 2,771 74% Segregated accounts and sub-advisory 6,634 6,448 3% AGF Private
Slide 7: Canadian Mutual Fund Business Review
Canadian Mutual Fund Business Review 8th Consecutive quarter of positive retail mutual fund net sales Industry LT MF 19 Net Sales 11 9 12 ($B)1,2 8 1 7 3 (4) Cdn Retail Mutual Fund Cdn ETF and SMA 488 410 431 206 AGF 68 309 194 Canadian 47 161 Retail 342 110 282 262 237 Net Flows 70 51 74 45 155 6 6
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM1 Rapid ETF and SMA scaling with 64% CAGR CAGR 4,823 +64% 2,771 1,800 Q2 2024 Q2 2025 Q2 2026 Closing AUM ($M) (1) See definition on page 20. 8
Slide 9: AGF Capital Partners
AGF Capital Partners1 A diversified multi-boutique alternatives business that brings together Affiliate Managers1 with specialized expertise across private assets and alternative strategies. $15.3 Billion AUM & Fee-earning Assets1 Private Equity Private Credit Absolute Return Venture Capital $0.9 B
Slide 10: Adjusted Financial Results
Adjusted Financial Results1,2 Earnings growth accelerated by AGF Capital Partners and operating leverage Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q2 2026 Q1 2026 Variance Q2 2025 Variance Total Adjusted Net Revenue3 126.7 95.3 33% 99.0 28
Slide 11: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split Broad-based revenue growth led by revenue before LT investments AGF Investments and AGF Private Wealth Sequential Quarter Year over Year ($ millions, except per share amounts) Q2 2026 Q1 2026 Variance Q2 2025 Variance Net management, advisory and admin fees3 96.7 92.5
Slide 12: Q2 Adjusted EBITDA
Q2 Adjusted EBITDA1 Adjusted EBITDA excludes non-cash acquisition related expenses Q2 Adjusted EBITDA Bridge ($ millions) Associated Q2 Balance Sheet items ($M): Net Contingent Consideration (2) $6.7 Put Option Liability $26.3 LLTIP Accrual $16.5 0.3 (0.3) 64.1 1.1 63.0 Reported EBITDA Severance and
Slide 13: Financial Results – BPS Detail
Financial Results – BPS Detail1,2 Operating leverage lifted EBITDA yield Average AUM and Bps Detail Sequential Quarter TTM Q3 2025 to (Average AUM, $ billions) Q2-2026 Q1-2026 Q2 2026 Average AUM excl. AGF Capital Partners3 56.5 55.2 54.1 Average Mutual Fund 35.9 35.2 34.4 Average Institutional, Sub
Slide 14: Capital & Liquidity
Capital & Liquidity1 Strong free cash flow generation supports capital flexibility and shareholder returns 145 135 134 120% 125 122 118 115 90% 108 106 105 60% 95 85 28% 28% 27% 26% 24% 30% 75 65 0% TTM Q2 2025 TTM Q3 2025 TTM Q4 2025 TTM Q1 2026 TTM Q2 2026 TTM FCF TTM Dividend to FCF % (1) Free ca
Slide 15: Enterprise value
Enterprise value Sum of the parts suggests potential upside to current valuation 3 1 193 1,332 18 124 At 6.9x EBITDA, Long-Term Investments are valued at a 70% discount to balance sheet value of $418m2. 6.9x EV/EBITDA At 6.9x EV/EBITDA, 175 1,208 Rest of the business is trading at a discount vs. Tra
Slide 16: 2026 Focus & Priorities
2026 Focus & Priorities Meet core Maintain sales Deliver consistent Build a diversified expense momentum and and repeatable private capital guidance penetrate high investment and alternatives while continuing growth distribution performance business to invest in key channels growth areas 16
Slide 17: Investment Thesis
Investment Thesis Stable cash flows to fund dividends and growth: Strong Financial • TTM free cash flow and payout ratio of $134m and 24% Position • $435m in long- and short-term investments and net debt of $51m • Supports strong dividend yield and share buybacks, while investing for growth Outperfo
Slide 18: Q&A
Q&A Judy G. Goldring, LL.B, LL.D, ICD.D Chief Executive Officer Ken Tsang, CFA, CPA, MBA Chief Financial Officer Ash Lawrence, MBA Head of AGF Capital Partners John Porter, MBA Chief Investment Officer 18
Slide 19: Thank You!
Thank You! To learn more about AGF’s history visit: www.agf.com/ca/en/about- agf/our-story To learn more visit AGF.com ® The “AGF” logo and all associated trademarks are registered trademarks or trademarks of AGF Management Limited and used under licence.
Slide 20: Definitions
DEFINITIONS AGF Investments - AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFI